FM SFLP.Loan Purpose
From Open Risk Manual
Revision as of 17:30, 17 January 2023 by Wiki admin (talk | contribs)
Definition
Loan Purpose: An indicator that denotes whether the mortgage loan is either a refinance mortgage or a purchase money mortgage. Purpose may be the purchase of a new property or refinance of an existing lien (with cash out or with no cash out).
Notes
- Cash-Out Refinance = C
- Refinance = R
- Purchase = P
- Refinance-Not Specified = U .
The field belongs to the FM SFLP Template
Field Characteristics
- FM SFLP Field Index: 27
- Column Label: PURPOSE
- Data Type: Choice
- Data Maximum Length: X(1)
Disclaimer
This information is provided as is. Refer to the FM SFLP Template for pointers to definitive instructions about hte SFLP data templates